Need info on purchasing a home to be rented out.

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  #16  
Old 03-18-2011, 07:49 PM
Dynasty Dynasty is offline
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It seems like I remember landlords having to pay hotel tax? I'm not sure of the rate? It may be the same as sales tax, I don't remember. That would take a bite out of your rental income.
  #17  
Old 03-18-2011, 08:02 PM
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Yup 9% of collected rents to the state of Florida
  #18  
Old 03-18-2011, 08:31 PM
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Sorry, I missed Ohiogirl post. If I understand, you can avoid the hotel tax if you have enough renters to cover 6 months, or does it have to be one renter for 6 months?

Last edited by Dynasty; 03-18-2011 at 09:46 PM.
  #19  
Old 03-18-2011, 09:59 PM
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Bill-n-Brillo Bill-n-Brillo is offline
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Quote:
Originally Posted by Dynasty View Post
Sorry, I missed Ohiogirl post. If I understand, you can avoid the hotel tax if you have enough renters to cover 6 months, or does it have to be one renter for 6 months?
It's the latter - If a lease agreement is for a period covering at least 6 months, then it's exempt from the taxes:

http://dor.myflorida.com/dor/forms/2007/gt300016.pdf

Bill
  #20  
Old 03-18-2011, 10:17 PM
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How much do you think you could get for a patio villa for a 6 month rental including high season?
  #21  
Old 03-23-2011, 08:45 AM
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Smile Rental of a designer home in TV

We have just purchased a designer home in Piedmont It is beautiful and will become more beautiful when we do some special things to it. Since we live in NC (have a sister in TV) what have you found to be the best avenue for rental.....doing it yourself, a specific rental company, a long-term rental etc. We do want to rent it more than the 3 to 4 months. Also, do you have any opinions on whether to use Comcast, Direct TV or what? Thanks to all,
Rental Virgin
  #22  
Old 04-20-2011, 03:22 PM
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Originally Posted by ducati1974 View Post
We own a "Gardenia" designer home (2000 sq ft). As landlords who reserve the month of January for ourselves our monthly expenses for lawn, golf cart ins, homeowners, management (Villagers Homewatch), cable/phone/internet, electricity, gas, water, sewer, irrigation, trash, amenities fees, and RE taxes is approx. $1000. This does not include bond or mortgage payments. Last year we rented all months except June, August, and Sept. This year looks like it will be about the same (too early to say for sure). We already have Feb & March 2012 rented. Expenses above did not include cleaning fee, but we charge each tenant for that in addition to their rent.
Hope this info helps you, feel free request more info from us.
I read your post with great interest. I hope other "investors chime in aswell" I am highly considering purchasing a patio villa for an investment property. Would you (or anyone else who rents out there property) say it is almost 100% sure you will rent out the months Jan - March? House and bond will all be paid for in cash, so only taxes and expences have to be covered. I figure if the 3months rent i should cover most taxes and expences.

I have mom and ded living in the TV already so I do have "eyes" to check on things.

I would be interested in any RE investors thoughts

Thank you.
  #23  
Old 04-20-2011, 03:44 PM
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Originally Posted by l2ridehd View Post
Good additional data Trudy. I do not plan to live in either home as we already have our retirement home also in TV. My rational was at the time the stock market was not doing so well, real estate pricing and mortgage interest was at an all time low, so I felt buying real estate was a better place to invest then the stock market. So far it has worked out well. I have been very lucky with renting by getting someone for 6 months in my first home every year as that eliminates the Florida state tax requirement. I now have to address that with the new home. After I retire, I plan to use these properties to provide a day a week work for me and some extra income as I pay down the mortgage. And when we get to a point they are to much to handle, will sell them for the equity.

I have even been studying how to be successful doing a FSBO and believe I have that down to a working plan as well. Getting ready to test it for a friend of ours.
Thank you for the all the info. I am highly considering purchasing a patio villa for investment property. If I read your post correctly If i were to pay cash for the house it seems I maybe able to squeak out a return. If i rent only the high month jan - march i can break even. My htinking is sort of the same as yours. Stock market is doing nothing and I feel more comfortable owning a hard assert such as house.

Thought are very much appreciated
  #24  
Old 04-20-2011, 05:14 PM
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You will rent it for Jan to Mar fairly easy. However for the really tough months, the larger homes seem to do a little better. Private Message me with any questions and I will glad to help you.
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  #25  
Old 04-22-2011, 10:28 AM
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From a tenant's view...I specifically looked for 2 bdrm. patio villas available to rent in July as I wanted to experience TV at it's warmest, because if I move to TV in the future, I would be a full-time resident. I'm still working full-time so I was looking for weekly rentals. Summer weekly rates for 2 bdrm. patio villas varied from $300 to $500 per week. Almost all the rentals included golf carts. I looked on villages4 rent.com and ****.com.

My plan is to rent again for a week in October. October weekly rentals for 2 bdrm patio villa that I checked on vary from $425 to $575.

I'm renting a patio villa in the Village of Chatham for $300 for 7 days in July. Can't wait to get back to TV.

Last edited by Schaumburger; 04-22-2011 at 10:29 AM. Reason: Mispelled villages4rent.com
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